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Metro Mining on target to commence bauxite mining in April

Friday, Feb 23, 2018

   The company has already signed offtake deals with high profile China-based customers.

  Metro Mining Ltd <http://www.proactiveinvestors.com.au/ASX:MMI/Metro-Mining-Ltd/> is on track to commence mining operations at its Bauxite Hills Project in April 2018.
  The project spans a large tenement package of 1800 square kilometres in the Cape York region of Queensland.
  Metro Mining is forecast to generate underlying earnings of $2.5 billion from the Bauxite Hills Project over a 17-year mine life.
  The initial capital costs for the project is $35.8 million, and the mine life is 17 years with a payback period of less than two years.
  The company has signed offtake deals with high profile customers, including two China-based entities for 13.5 million tonnes in the first four years of production.
  Industry dynamics appear to be working in Metro’s favour with some Chinese producers having to close mines due to environmental issues.
  Price movements have indicated this trend with domestic bauxite prices in China’s Henan Province increasing circa 40% to RMB500 per tonne between 2016 and 2017.
  In some recent management changes, Duane Woodbury has been appointed interim chief financial officer.
  Woodbury has more than 20 years’ experience in the resources sector across various financial, commercial, banking and treasury roles both in Australia and overseas.
  Metro has appointed Amy Treble, a chartered accountant, to the position of company secretary.
  Woodbury and Treble replace the outgoing Scott Waddell.

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